Broker Knorr advertised in the newspaper that anyone who bought a property listed with the broker would receive a free microwave oven valued at $500. Such action is promotional strategy
Step-by-step explanation:
Broker Knorr’s action of advertising a free microwave oven valued at $500 with the purchase of a property listed with the broker can be considered a promotional strategy. This is a common marketing tactic used to incentivize potential buyers and create a competitive advantage.
The effectiveness of such a promotion can vary, and it may attract buyers who are looking for additional value with their purchase. However, it is also important to ensure that the promotion complies with all relevant real estate laws and ethical standards.